Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jan 20, 2023 4:56:54 PM

I submitted my taxes and then today just received something from cash app saying I used bitcoin and it was only worth like $1.47 or what do I do?

0 2 206
2 Replies
Level 15
Jan 20, 2023 4:57:50 PM

Disregard it since that amount is not going to change your tax return one way or the other.

Expert Alumni
Jan 23, 2023 10:15:53 AM

In general, you must report all capital gains, whether short term or long term, including crypto transactions. But as @DoninGA stated, it won't make a difference in the dollar amount due or refunded due to the low amount of $1.47 even at the highest tax rate. However, if you have more and need to make a correction, amend your return. You may want also to check where you did crypto transactions or your different platforms as most are reported electronically and not through the mail. See if you have any other gains you must report even though you only received one form for $1.47, because if they add to just a bit more it may affect your return even for just a few dollars, and yes, you will have to report all of them. 

 

@monkeymel2781